Virendra ‘Veer’ Mishra, Saurabh Shandilya, Saurabh Yadav and Viven Singh worked on different startup ideas in the same coworking space in Delhi. They soon met and discovered that they shared interests in deep tech, AI, and ML.
In 2017, the four of them made a trip to Udaipur and ended up having a long discussion about deep tech and physics. They realized that online businesses had that sort of thing Google Analytics Offline companies had nothing like that for data and insights. This discussion led them to the start Veda Labs in Gurugram in December 2017.
“Veda Labs is primarily an analytics platform for retailers. Think of it as Google Analytics, but for offline real estate, ”says Veer.
Founder of Veda Labs
What is it doing
Veda Labs uses the existing CCTV infrastructure to perform video analytics that show business insights such as total frequency, demographic overview, customer journey and heat maps. It also offers end customers the option of marking and identifying people on the blacklist in the premises.
“We deploy an edge device that connects to the existing surveillance infrastructure and create an analytics pipeline to process all of the video feeds for business insights. By analyzing the entrance cameras, we provide details of how many people have entered the premises, as well as the peak traffic on a timestamp and the average time each customer spends in the store, ”says Veer.
Veda Labs also provides post-analysis footprints, depending on the body type of each walk-in client and their facial parameters. It classifies each visitor based on their gender and age group.
Based on each customer’s journey, the video analytics startup anonymously tracks each person and records a customer journey map and heat maps of the soil. It uses computer vision and machine learning to do all the analysis on the edge and sends all the alerts on the dashboard.
The team initially struggled to explain how video analytics would work in an offline world. People usually understand how things work online as every action and activity is trackable. However, offline retail has a huge gap in terms of data and understanding.
“This was the main challenge for us to educate customers about how it can work. We just offered a free demo to each of our customers so they could try the benefits of offline insights that could create a defined understanding and let them know about the benefits, ”says Veer.
market and competition
According to reports, the Machine Vision market size was estimated at $ 9.6 billion in 2020 and is expected to reach $ 13.0 billion by 2025. A growth of 6.1 percent is expected for the forecast period.
Like startups Diycam uses video analytics of CCTV footage using robotic process automation (RPA) to help companies in various industries increase efficiency and reduce dependency on labor. There’s also New York-based Collective Intel, founded by Amit Dhand and Aaron Rhodes, which uses AI to process petabytes of video so retailers can scale and dampen their processes.
The team says Veda Labs works with any type of CCTV camera to provide business insights with the utmost accuracy. As a SaaS company, you have a fixed sales model with a one-time setup / installation fee, which can be waived for a contract period of more than three years, and a fixed sales model per store and month. The team refused to share the charges.
Veda Labs claims to have worked with companies like PepsiCo, Panasonic, BMW Automobile, CMR, etc. The company has raised $ 600,000 in seed capital led by unnamed investors and is now focused on building “different and newer products.”